TaxAct is an online tax preparation software that supports all the major tax forms and schedules (both federal and state). Its features include W-2 import, a deduction maximizer, a maximum refund guarantee, and a mobile app. TaxAct offers a free plan that allows you to file Form 1040 for free, plus a state return for…
TurboTax, by Intuit, is a do-it-yourself (DIY) tax software that allows you to prepare and file your returns electronically either online or through its desktop versions. Its features include W-2 import, a deduction maximizer, and a mobile app. With its online products, you can file simple returns for free or choose from three paid DIY…
Due to the vast number of industries that exist, it is impossible to list every single business expense. However, there is a comprehensive list of common IRS business expense categories applicable to most businesses. In addition, streamlining the process of tracking your business expenses will ensure that you don’t miss out on any tax deductions….
The IRS allows you to take tax deductions for any legitimate expense related to running a rental property. If you own rentals, you can claim expenses in 12 categories spanning everything from interest, to insurance, repairs, and depreciation. However, you must record them, according to IRS guidelines. To fulfill your tax and bookkeeping needs, it’s…
